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UK: Zenzic Capital and Torsion Group have secured a new five-year loan for their PBSA JV, provided by a Cerberus Capital Management affiliate.
The loan replaces previous development loans from Zorin Finance, Ingenious Group and Atelier Finance.
The three sites, in Leeds and Warwick, have 476 beds in total, and are 99 per cent occupied in their first year of operation.
Torsion’s LUNA arm manages the buildings, which feature gyms, study areas, private dining rooms, cinemas and communal spaces.
The joint venture also includes a 137-bed site in Nottingham and another 205-bed scheme under construction in Leeds.
The Kirkstall Road site in Leeds is due to finish before the 2027-28 academic year and will have coworking space, a lounge and gym.
The partners are aiming for Fitwel three-star and BREEAM ‘Excellent’ ratings at the new Leeds project.
Nadine Buckland, CEO of Zenzic Capital, said: “This refinancing is an important milestone for the JV and reflects the work we have done with Torsion to stabilise these three assets, while providing firepower for further expansion. Despite challenges in some parts of the PBSA sector, the JV’s high occupancy levels are testament to the quality of our assets, which are situated in the best micro locations within popular student cities, as well as the professionalism and excellence of Torsion’s operating platform, LUNA. We look forward to working with our partners to grow the portfolio through acquisition or development opportunities in the months ahead.”
Dan Spencer, CEO of Torsion Group, said: “This refinancing is a significant milestone for Torsion and for our joint venture with Zenzic. It reflects the successful delivery and stabilisation of these assets and demonstrates the strength of our fully integrated model across investment, development and operations. We are hugely grateful to our JV partners at Zenzic, to Cerberus for providing the new investment facility, and to Zorin Finance, Ingenious Group and Atelier Finance for their support throughout the development phase.”
“Completing this refinancing not only validates the quality of the assets and the performance of our LUNA operating platform, but also provides a strong foundation for the next phase of growth. It is a clear example of how, when executed well, the PBSA sector can deliver resilient, full-cycle outcomes and long-term value, and we look forward to continuing to grow the portfolio together,” he added.
Marco Rampin, managing director for Cerberus, said: “This partnership is well aligned with our strategy in partnering with top sponsors on high-quality real estate opportunities. We continue to see strong fundamentals in the UK student sector and look forward to seeing this brand new portfolio through stabilisation.”
Highlights:
- Zenzic Capital and Torsion Group have secured a new five-year loan for their PBSA JV, provided by a Cerberus Capital Management affiliate.
- The loan replaces previous development loans from Zorin Finance, Ingenious Group and Atelier Finance, and will refinance three sites, in Leeds and Warwick, have 476 beds in total.
- The assets are 99 per cent occupied in their first year of operation
